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Shiba Inu Burn Rate Increases, Shibarium Development Boosts Future Price Potential

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According to CryptoPotato, Shiba Inu’s burn rate has significantly increased, indicating a strong push to reduce the token’s circulating supply, which could boost its value over time. The development of Shibarium, aimed at enhancing the ecosystem by reducing fees and increasing transaction speed, is viewed positively for SHIB’s future price potential.

The popular meme coin, Shiba Inu, continues to witness a substantial amount of tokens removed from its circulating supply. Data shows that the burn rate has exploded by a whopping 30,000% in the past 24 hours, resulting in almost 4 million tokens destroyed. The team behind the meme coin also revealed that over 643 million tokens were burned throughout February, which is actually a 93% decline compared to the first month of the year. The burning mechanism appears to be a vital factor that could fuel a price rally. After all, a decline in SHIB’s supply combined with a rising demand could make the coin more valuable in time.

The marketing strategist of Shibarium, LUCIE, recently reminded that Shiba Inu’s price skyrocketed by 800% in a week in 2021 without any burns, hinting at more spectacular ascents in the future now that the program is in place. The further development of Shibarium has also been touted as a bullish element. Daily transactions on the network have been going through the roof recently, with total transactions nearing the 400 million mark. Wallet addresses stand at around 1.3 million, whereas total blocks surpassed 3.4 million. Officially launched in August last year, Shibarium aims to elevate Shiba Inu above its rivals in the meme coin niche and boost its ecosystem by lowering transaction fees and improving speed.

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Crypto News

IRS Appoints Two Executive Advisors for Digital Assets Programs

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According to Blockworks, the Internal Revenue Service (IRS) has appointed two new executive advisors to help develop its service, reporting, compliance, and enforcement programs for digital assets. Sulolit “Raj” Mukherjee, the former global head of tax at Consensys, and Seth Wilks, the former vice president of government relations at crypto tax software firm TaxBit, have joined the team. Both Mukherjee and Wilks have been long-time industry colleagues and friends, as mentioned in a LinkedIn post.

IRS Commissioner Danny Werfel stated in a press release that the digital asset space is an “evolving sector” with significant tax administration implications. He emphasized the importance of incorporating expertise from the private sector to work with the IRS team in order to successfully build the agency’s efforts involving digital assets. This move comes just months after IRS division chief Jim Lee announced that crypto tax evasion cases were on the rise.

In other hiring news, Readygg, a Web3 and NFT gaming infrastructure company, has added a senior executive from Sony’s PlayStation Division as an advisor. The company aims to seamlessly migrate Web2 games onto the blockchain and plans to release its own RDYX token to support ecosystem functionality. Additionally, interoperability platform Wanchain announced Temujin Louie as the new CEO, succeeding Jack Lu, while Saqr Ereiqat, co-founder of Crypto Oasis Ventures, became CEO of market maker TDMM. WOO X also appointed former Credit Suisse lead Bryan Chu as chief product officer.

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IRS Appoints Two Executive Advisors for Digital Assets Programs

According to Blockworks, the Internal Revenue Service (IRS) has appointed two new executive advisors to help develop its service, reporting,...

Crypto News1 month ago

Shiba Inu Burn Rate Increases, Shibarium Development Boosts Future Price Potential

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